| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24978 |
| 来源ID | Working Paper 24978 |
| Cognitive Imprecision and Small-Stakes Risk Aversion | |
| Mel Win Khaw; Ziang Li; Michael Woodford | |
| 发表日期 | 2018-09-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Observed choices between risky lotteries are difficult to reconcile with expected utility maximization, both because subjects appear to be too risk averse with regard to small gambles for this to be explained by diminishing marginal utility of wealth, as stressed by Rabin (2000), and because subjects' responses involve a random element. We propose a unified explanation for both anomalies, similar to the explanation given for related phenomena in the case of perceptual judgments: they result from judgments based on imprecise (and noisy) mental representations of the decision situation. In this model, risk aversion results from a sort of perceptual bias—but one that represents an optimal decision rule, given the limitations of the mental representation of the situation. We propose a quantitative model of the noisy mental representation of simple lotteries, based on other evidence regarding numerical cognition, and test its ability to explain the choice frequencies that we observe in a laboratory experiment. |
| 主题 | Econometrics ; Experimental Design ; Microeconomics ; Behavioral Economics ; Economics of Information |
| URL | https://www.nber.org/papers/w24978 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582652 |
| 推荐引用方式 GB/T 7714 | Mel Win Khaw,Ziang Li,Michael Woodford. Cognitive Imprecision and Small-Stakes Risk Aversion. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24978.pdf（1042KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
